Pershing, a BNY Mellon company, has selected Mesirow Financial Investment Management as a premier provider of fiduciary services for its open-architecture Retirement Plan Network.
The inclusion of Mesirow Financial's fiduciary partnership services will five plan advisors using the Retirement Plan Network access to a set of services to support them with the investment selection and monitoring provided to their plan sponsor clients.
Mesirow, through the Retirement Plan Network, will provide access to both 3(21) and 3(38) ERISA fiduciary services to support plan fiduciaries.
Marc Caras, director of Pershing's Retirement Plan Business, said: "One of the top concerns of our clients is the increasing focus on their fiduciary responsibilities and the disclosures and oversight associated with it.
"Under the Department of Labor Conflict of Interest Rule, all registered professionals involved in retirement business—including many who aren't acting as fiduciaries today—will need to understand the role of the ERISA fiduciary and put robust controls in place. This new offering can help them fill a critical gap, giving them the oversight and controls required to meet their clients' needs."
Mesirow Financial senior managing director Michael Anninsaid: "Pershing allows us to reach a broader number of broker-dealers and retirement plan focused advisors that are seeking outsourced solutions to limit investment fiduciary risk. By leveraging Pershing's technology and robust set of client capabilities available through the Retirement Plan Network, advisors are better positioned to support their plan sponsor clients."
The addition of Mesirow's fiduciary services is the latest enhancement to the Retirement Plan Network platform. In June, Pershing added five new recordkeepers. The network offers advisors a comprehensive view of plan details across network recordkeepers for all of their retirement business custodied with Pershing.